• Fartcoin is trading at $1, marking a loss of over 8%.
  • The daily trading volume has increased by 80%.

The crypto prices opened the day on a bearish note, and later the global market cap attempted a recovery, spiking by 2.69% to $3 trillion. The major assets like Bitcoin and Ethereum are trying to escape the bear trap. Meanwhile, Fartcoin has posted a solid loss of over 8.94%.

In the early hours, the asset traded at a high of $1.11, and gradually the bears dragged the price back to a low of $0.9763. With a $992 million market cap, Fartcoin trades at $1. Also, the daily trading volume has reached $221 million. Notably, the market has witnessed $4.15 million in Fartcoin liquidations .

Fartcoin has gained around 94.50% over the last thirty days. It began trading in the $0.471 range and hit a monthly high of $1.27. The asset failed to keep up the momentum and dropped to the current trading level. 

Can Fartcoin Break Free from the Downtrend?

Fartcoin’s four-hour trading chart exhibits a steady negative momentum. If the downtrend stays, the price could fall and test the support at the $0.96 level. With its potential to push lower toward $0.91, the asset might form a death cross, eyeing more downside.

Contrarily, if the bulls gain momentum, the asset’s price could break out toward the upside and test the $1.14 resistance . Upon breaking this level, the subsequent resistance might be in the $1.26 range. Further upside correction will bring in the golden cross.

In addition, Fartcoin’s technical analysis reports that the Moving Average Convergence Divergence (MACD) line and signal line are below the zero line.  It indicates a potential downward price movement.

Will Fartcoin Hit New Lows After a Tough 8% Drop? image 0 Fartcoin chart (Source: TradingView )

The Chaikin Money Flow (CMF) indicator found at 0.04 suggests a slight positive buying pressure, and the capital is flowing into the asset. Meanwhile, Fartcoin’s daily trading volume has increased by over 80.58%.  

Fartcoin’s daily relative strength index (RSI) settled at 29.11, implying that the asset is in oversold territory in the market. Moreover, the Bull Bear Power (BBP) reading of -0.1158 points out that the bears have control, showing weakness.

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